Albany County, leveraging its strong credit rating and exceptional reputation in the municipal debt market, completed a sale of $40 million in tax anticipation notes (TANs) on December 8, 2020. The County sold the TANs to Jefferies LLC at a net interest rate of 0.2499%. The County is issuing the debt, authorized by the County Legislature in November, for cash flow management purposes and it will be repaid in May 2021.

Earlier this year, S&P Global Ratings (S&P) reaffirmed the County’s overall long term credit rating as AA with a Stable Outlook, while in today’s environment, other municipalities have been downgraded.

“In anticipation of the receipt of the County’s 2021 tax levy, we issued $40 million in tax anticipation notes,” said County Comptroller Susan Rizzo. She continued, “We will use these proceeds to prepay the County’s annual payment to the New York State & Local Retirement System as well as other annual obligations. Making these prepayments will save the County and its taxpayers an amount that exceeds the total cost of borrowing by approximately $230,000.”

Comptroller Rizzo continues to partner with the County Legislature and the Department of Management and Budget to address the County’s financial priorities. The departments will work together to mitigate any and all financial challenges related to the COVID-19 pandemic.